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Loans

WE WILL NOT BE ACCEPTING LOAN APPLICATIONS

EFFECTIVE AUGUST 1, 2023

For more information, contact Trinesa Barojas at 601-676-0566 or through email: trinesa.barojas@choctawfcu.org

 

Qualifications

Must be a member for a minimum of 90 days. During loan specials, we waive the 90-days waiting period. Interest rates are determined by credit score for the qualified amount. All loans are determined by credit score for the amount qualified and debt-to-income ratio (DTI Ratio) that does not exceed the 50%.

More About Loans

Low-cost loans are one of the greatest benefits of credit union membership. Whether you are financing your first car, tractor (i.e. zero turn) or a personal loan, you will find low rates, affordable payments and personal service right here at Choctaw Federal Credit Union.

  • New and Used Auto Loans
  • Tractor Loans
  • Signature Loans
  • Specials Loans

Cosigners:

A cosigner must complete a loan application, employment verification, and a Notice to Cosigner Form. A cosigner must be a member with a credit score of 620< and 45% or less in debt to income ratio. A cosigner may only sign on one loan at a time. Loan approval will be based the credit-worthiness of the cosigner. The interest rate will be based on the credit-worthiness of the primary borrower.

 

Auto Loans

New

♦ Maximum loan amount up to $40,000.00

♦ Must be employed 2 years +

♦ Quote must include: Standard & Accessory, Mileage, Model, Make and VIN

*** When approved, member will need full coverage insurance listing Choctaw Federal Credit Union as the lienholder and a loss payee for the life of the loan

Used

♦ Maximum loan amount up to $35,000.00

♦ Less than 125,000 miles

♦ Vehicle will be within the current JD Power official used care guide (Current 7 years guide)

♦ Must be employed 2 years +

♦ Quote must include: Standard & Accessory, Mileage, Model, Make and VIN

♦ Choctaw Federal Credit Union has the right to request inspection

*** When approved, member will need full coverage insurance listing Choctaw Federal Credit Union as the lienholder and a loss payee for the life of the loan

Tractor Loan

♦ Maximum loan amount up to $40,000.00

♦ Must be employed 2 years +

♦ Quote must include: Standard & Accessory, Equipment (if any) Hours, Model, Make and Serial Number

♦ Choctaw Federal Credit Union has the right to request inspection

*** Protection Coverage for Zero Turn will be explained when applying 

*** When approved, member will need full coverage insurance listing Choctaw Federal Credit Union as a loss payee

Signature Loan

♦ Loan amount – Minimum $500.00 to Maximum $5,000.00

♦ Must be employed 1 year +

Specials

Only offered during specific dates. Check back for more information on date and qualifications.

♦ Spring Fling

♦ Back to School

♦ Christmas

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